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The World
US’s gas rescue plan for Europe threatens domestic backlash: American market price is cheap by global standards but triple levels of the past decade. (Financial Times)
North Korea declared a law on its use of atomic weapons as leader Kim Jong Un vowed to never give them up, upping the ante in his nation’s pursuit of recognition as a nuclear state. North Korea would use nuclear arms in the event of an imminent attack on its leadership or to gain the upper hand in a war, according to a statement on the law released by the Supreme People’s Assembly. (Bloomberg)
Princeton Expands Financial Aid Covering Tuition, Other Costs: The Ivy League school will cover the cost of tuition and room and board for students from families earning less than $100,000 a year, compared with $65,000 previously. (Wall Street Journal)
Politics and pandemic are driving Texas teachers to consider quitting, survey finds. An online survey of 1,291 teachers by the Charles Butt Foundation shows more teacher dissatisfaction as Texas school districts scramble to attract talent. (Texas Tribune)
Europe’s blistering summer was its hottest in history: Amid record heat and extraordinarily dry conditions, Europe notched its hottest summer in recorded history, according to the Copernicus weather service. (Washington Post)
Airlines urge Hong Kong to end quarantine rules soon or risk being left out: Out of the 110 carriers that flew to Hong Kong before the coronavirus pandemic there are around 48 who no longer fly to the city. (South China Morning Post)
Japan and India agreed to bolster bilateral cooperation on maritime security, including by expanding joint drills and setting up a high-level defense dialogue, as China continues to build up its maritime presence. (Nikkei Asia Review)
Economy
The European Central Bank has raised interest rates 75 basis points to tackle record inflation, despite fears soaring energy prices will push the eurozone into recession. The decision, which was unanimously backed by all 25 members of the governing council and matches the ECB’s previous biggest increase in borrowing costs, lifts the bank’s benchmark deposit rate from zero to 0.75 per cent — the highest level since 2011. Christine Lagarde, the ECB’s president, said investors should not assume moves on this scale were “the norm”, but there would be “several” rate rises in the coming months to bring inflation down from its latest “far too high” record of 9.1 per cent back towards the bank’s target of 2 per cent. There were “probably more than two” increases to come including the latest one, “but also probably less than five”, she told the media following the decision. (Financial Times)
Jumbo Fed Rate Hike Is in Play as Powell Sticks to Hawkish View: Fed chair speaks as bets for 75 basis-point hike harden Says Fed has and accepts responsibility for price stability. (Bloomberg)
Applications for US unemployment insurance fell for a fourth straight week to the lowest since May, suggesting demand for workers remains healthy despite an uncertain economic outlook. Initial unemployment claims decreased by 6,000 to 222,000 in the week ended Sept. 3, lower than all estimates, Labor Department data showed. (Bloomberg)
Ernst & Young Leaders Approve Breakup Plan: The splitting of Ernst & Young’s auditing and consulting businesses will generate windfalls for the firm’s partners if successful. (Wall Street Journal)
Citigroup wins appeal over $500mn wired by mistake: Wall Street bank challenged hedge funds that received repayment from Revlon loan in 2020. (Financial Times)
Technology
Google pays billions of dollars each year to Apple Inc., Samsung Electronics Co. and other telecom giants to illegally maintain its spot as the No. 1 search engine, the US Justice Department told a federal judge Thursday. DOJ attorney Kenneth Dintzer didn’t disclose how much Google spends to be the default search engine on most browsers and all US mobile phones, but described the payments as “enormous numbers.” (Bloomberg)
Salesforce will co-produce a new branded docuseries for CNBC's linear channel as a part of a broader television deal that Salesforce and CNBC parent NBCUniversal struck last year around the Olympics. The new docuseries, called "The Shift," will debut on Sept. 17 and run Saturdays from 2:30 p.m. to 3:00 p.m. ET. The 22-minute episodes will be co-produced by Salesforce's creative studio, CNBC's branded content studio and Efran Films, an independent production company. Each episode will spotlight how a Salesforce client uses Salesforce's technology to tackle societal issues. The clients are selected by Salesforce. While they receive exposure, they aren't compensated for their participation. (Axios)
SEC Chair Gary Gensler signals he would support Congress giving the CFTC authority to oversee and regulate bitcoin and ether, if the SEC can retain its power. (Wall Street Journal)
YouTube launches a video player for Google Classroom and other education apps, removing ads, external links, and recommendations to help “avoid distractions”. (The Verge)
Smart Links
Amazon Breaches TV’s Last Stronghold With $13 Billion Bet on NFL. (Bloomberg)
NASA Looks for Third Attempt of Moon Launch Later This Month. (Wall Street Journal)
Laurene Powell Jobs, Jony Ive, and Tim Cook partner to launch the Steve Jobs Archive, a website featuring emails, videos, and historical materials tied to Jobs. (9to5Mac)
Video game event in Florida called off because of state’s stances. (Washington Post)